MUMBAI (Commoditiescontrol) - ICE cotton on-call purchases in the most-active December contract rose 2,410 contracts to 14,521 contracts. While, on-call sales increased 1,539 contracts to 22,458 contracts as of 12th June, 2015.
ICE cotton on-call sales in July contract fell 3,712 contracts to 7,745 contracts. On-call purchases decreased 1,187 contracts to 3,533 contracts.
As far as trend in prices this week is concerned, prices maintained sideways movement. Both, on-call purchases and sales in the December month contract rose. Speculators have raised their positions in the contract. Open interest in the contract also seen higher.
Cotton prices may trade sideways in the next coming sessions considering shifting of speculators to December month contract from July and reports suggesting sowing of new crop has begun. July month has turned into a non-commercial month, wherein speculators exit a contract, with only traders participating in a session.
Prices may primarily move depending on the factors such as U.S. planting area, stronger U.S. dollar, crude oil prices and China's state reserve release policy.
Total on-call sales on all active futures increased 1,827 contracts to 59,030 and total purchases gained 1,791 to 25,758 contracts.
On-call positions represent spot cotton sold to or purchased from a merchant, based out of New York cotton futures contracts of 500-pound bales. Prices are not yet fixed against these contracts.
Open interests on ICE cotton July futures was sharply down 45,981 to 30,700 contracts. Total open interest on all futures decreased 9,667 to 175,356 contracts. On the other hand, open interests in December futures increased 34,890 contracts to 127,519.
(By Commoditiescontrol Bureau; +91-22-40015522).
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